The surgical snare market is projected to grow with a CAGR of nearly 4.9% over the forecast period. The major factor attributing to the growth of the market increasing prevalence of chronic diseases like cancer.
According to the Fight Colorectal Cancer organization, colorectal cancer is the second leading cause of cancer death among men and women combined in the United States. There will be an estimated 140,250 new cases of colorectal cancer in 2019. Furthermore, the growing preference towards minimally invasive surgeries and growth of the endoscopic ambulatory surgery centers are few other major factors for the market growth.
Rising investments in the endoscopy instruments by the hospitals is boosting the growth of the market. However, the clinical complications involved in the usage of snares is the major drawback for market growth.
Key Market Trends
Gastrointestinal Endoscopy Segment is Expected to Hold the Largest Market Share
Gastrointestinal endoscopy helps in the diagnosis as well as treatment of gastrointestinal diseases. The factors that drive the growth of the segment are, the swiftly increasing geriatric population, the necessity to improve the quality of life for patients, and the need for competent hospital management. The gastrointestinal endoscopy segment will, consequently, observe prolonged growth, pushed by a considerable increase in the number of colonoscopy procedures performed in the United States, which is a major market for endoscopy products.
According to GLOBOCAN 2018, the estimated number of colorectal cancers globally is 1,849,518 as the incidence of colorectal cancers increases the usage of snares increase and thus the market grows further.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall surgical snare market, throughout the forecast period. The positive reimbursement situation in the United States, increasing inclination of minimally invasive surgeries, and the soaring incidence of colorectal cancer are the major factors driving the growth of the surgical snares market in North America.
The presence of better reimbursement has also increased the affordability of colorectal cancer screening procedures, which in turn is driving the number of endoscopic procedures using the capturing technique performed in the United States. Furthermore, a high incidence of colorectal cancer in the region is the major driving factor for market growth. According to GLOBOCAN, 9.8% of the world’s colorectal cancer is of North America, i.e. 179,715 cases were estimated for the year. As per the statistics, the increasing patient pool is directly proportional to the market growth.
The surgical snare market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Olympus, Boston Scientific, Cook Medical, CONMED Corporation, Medline Industries, Medtronic Plc, Steris, Merit Medical Systems, and Avalign Technologies.
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